To Overcome the COVID-19 Crisis in the Fisheries Industry: 'Extension of Fisheries Policy Fund Repayment and Interest Rate Reduction'

Ministry of Oceans and Fisheries Announces 4th Support Measures for COVID-19 Response in Fisheries Sector

Moon Sung-hyuk, Minister of Oceans and Fisheries. (File photo)
[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The government is promoting measures such as extending the repayment period and lowering interest rates on major fisheries policy funds to stabilize the management of fishermen amid the spread of the novel coronavirus infection (COVID-19), issuing discount coupons for seafood consumers using the 3rd supplementary budget, and marketing in overseas seafood export markets.

The Ministry of Oceans and Fisheries announced on the 2nd that it has prepared and will implement the "4th Support Measures for COVID-19 Response in the Fisheries Sector" containing these details.

First, to stabilize fishermen's management, the repayment period of four fisheries policy funds will be extended, and the interest rates of four fisheries policy funds will be lowered.

From August to December this year, the principal repayment period for the Aquaculture Facility Modernization Fund, Damage Recovery Fund, Fishing Village Settlement Support Fund, and Fisheries Management Development Fund, which mature during this period, will be extended by one year. The Ministry of Oceans and Fisheries expects that a total of about 4,800 fishermen will benefit from this.

The interest rates for the Aquaculture Fisheries Management Fund, Fishing Vessel Fisheries Management Fund, Registered Village Seed Fisheries Management Fund, and Distant Water Fisheries Management Fund will be reduced by up to 1 percentage point for one year. It is expected that about 2,700 fishermen will receive the benefit of the interest rate reduction.

Fishermen who wish to apply for principal repayment extension and interest rate reduction can apply to the responsible financial institutions such as the Suhyup Bank.

To continue the nationwide momentum for seafood consumption activation in the second half of the year following the first half, a seafood discount event worth 21 billion KRW will also be held.

This seafood discount event will be conducted with a 20% discount per item and a limit of 10,000 KRW per person to allow more consumers to participate. In particular, discount events will be held not only for seasonal seafood with high production at certain times but also for various items such as freshwater aquaculture species and export-challenged items. The event will be held through six major nationwide supermarkets, 15 online shopping malls, and six seafood distribution startup companies.

During the Chuseok holiday, a "Traditional Market Discount Event" to revitalize the use of traditional markets and a "Direct Transaction Market" linked with local governments are also planned.

The Ministry of Oceans and Fisheries plans to operate an event information website so that consumers can easily check the discounted items, event locations, and major discount information, and actively encourage participation through various events such as prize giveaways.

To pioneer overseas markets and recover seafood exports, an additional 5.1 billion KRW will be invested to strengthen non-face-to-face marketing support for our export companies.

Using local online malls (40) and delivery platforms (13) in 12 major export markets including China and Japan, support will be provided for the entry and sales of Korean seafood products, and various promotions will be conducted to induce local consumers to purchase. Also, Korean seafood products will be sold through home shopping companies (13) in six countries including Vietnam, Thailand, and Taiwan, and live broadcast channels (4) featuring local famous influencers will be used. Content such as cooking shows and tasting broadcasts of Korean seafood products will be produced and promoted based on social networking services (SNS) like YouTube.

In addition, an online trade consultation meeting between overseas buyers (from six countries including China) and Korean export companies will be held. In September, a 3D exhibition hall where Korean seafood can be exhibited and promoted online will be opened, and linked with the trade consultation meeting to actively facilitate seafood export contracts.

Moon Sung-hyuk, Minister of Oceans and Fisheries, said, "As COVID-19 continues, we have prepared the 4th support measures focusing on financial support that can be executed in the second half of this year and the activation of seafood consumption and exports to help the fisheries industry that has been struggling for a long time. We ask consumers to show great interest and participation in the consumption promotion events held in the second half of the year to alleviate the difficulties of our fishermen even a little."

This content was produced with the assistance of AI translation services.